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'Everyone is ready for summer to be over' as SSA wave builds for Monday
Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
OATs and OLOs could weaken further versus Bunds while southern European countries and EU continue to paint a positive picture
Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’
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The Kingdom of Spain made a return to syndication on Tuesday with a €7bn 10 year benchmark. Any bad memories of volatile patches of last year — where a bailout looked nigh on inevitable — looked to have been erased by a blistering book build process where orders grew to more than €17bn in less than an hour.
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The Cambodian government is a likely candidate to follow Laos in applying to issue an international bond denominated in Thai baht. Regulatory changes in Thailand have opened up the currency as a funding tool to a host of unrated issuers.
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The Sri Lankan government is “seriously considering” a bond issue to global investors that will be denominated in the local currency but is mulling the right timing. The central bank is waiting for the rupee to strengthen further in the hope that the country’s economic fundamentals will be able to drive the currency upwards.
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Spain will look to complete a capital market comeback this week when it issues a 10 year euro benchmark. The country had been written off as a bailout certainty late last year once the European Central Bank had announced its Outright Monetary Transactions scheme which almost seemed to have been concocted with assisting the Iberian sovereign in mind. But on Monday afternoon, after months of denying it would ask for assistance, the country mandated five banks to lead manage its first new benchmark in almost a year.
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In what was a strong week for peripheral sovereign bond markets, Spain had particular cause to celebrate on Thursday as its second bond auction of 2013 passed off without a hitch.
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Corporación Andina de Fomento (CAF) sold its first Swiss franc deal of the year on Monday to investors increasingly keen on emerging market paper. The EIB also launched its first Swiss trade of the year on Thursday, running into a cooler reception as tight pricing — induced by an unfavourable basis swap — failed to endear the issuer to Swiss investors.